While only thirty years ago a four year college degree was enough to get you into good job in your chosen profession, times have definitely changed. Now having a Bachelor's Degree may be good for an entry level job in a field you love, but if you want to break into the upper levels of your profession, and advanced degree is almost certainly required.
And certain careers, especially those in law and medicine, have always demanded several years of graduate study. Yet the grants, and scholarships readily available to college undergraduates seem to evaporate when one is looking for a way to fund graduate school. Graduate student loans, it seems, are the best way for the financially challenged to pay for their graduate degrees.
Stafford Loans
Fortunately, the Federal government does understand the need for graduate level study, and offers the Stafford Loans program to provide a variety of graduate student loans. All you need do is complete a free application for student aid, or FAFSA loan, and then decide which loan avenue to pursue.
You may find Stafford graduate student loans administered by the graduate schools to which you are applying, but they are granted by the government. One big advantage to accepting a Stafford graduate student loan is that you will be allowed a six month grace period following your graduation before you need to start your payments.
The Federal Stafford graduate student loan program is also administered privately by banks and other commercial lending institutions. If the government accepts your application for this Stafford loan, you will be given a list of their approved lenders. Only those students who have not defaulted on any other student loans are eligible for Stafford graduate student loans, so if you have an earlier loan hanging over you, you need to clear it up if you want to fund your graduate school career with a Stafford loan.
If your income is low enough, you may have the interest on your graduate student loans subsidized by the government. What this means is that as long as you are enrolled in graduate school, you will not be responsible for the interest on your loan.
If your income level is too high, however, the interest on your graduate student loans will accumulate and be included in the principal which you need to repay. This means that both the total of your loan, and your payments, will increase. You will be able to take out Stafford graduate student loans totaling $50,000, spread out over the time you remain in graduate school.
Private Loans
If you are ineligible for a Stafford loan, you can always look for a private one, but your success will depend on your previous credit history. So you should do as much as you can to clean up your credit and raise your credit score before applying for any graduate school loans.
Funding graduate school may be hard work, but don't let a shaky credit history stop you. If you can find a willing co-signer, your search for graduate school loans will be simplified greatly. When you see your grad school financial struggles in the light of the increased earning power an advanced degree will bring, they are greatly diminished.
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Frequently Asked Questions
Co-signers for school tuition loans
By: mcardle | 22-07-2008
what are the laws concerning co-signers on school loans
How to get student funding when student loan said no
By: lorraine217 | 11-06-2008
when i was 16 i took a student loan out and i didn't pay it back as i thought you had to earn 17000 a year to pay it back, i am now 28 three kids and have just finished my 1st year business degree i would like to go on and do my HND in business and have been told i will not get the funding as i owed this loan previous when i said i would pay it back monthly if they would fund i also suggested a guarantor for the payments this was also refused said i had to pay this in full. could any one else help
Business
By: cezar | 03-06-2008
I have one idea for a business andI wold like to know , step-by-step for open and run
Loans from real people
By: B392436 | 25-05-2008
Anyone ever used a web site for loans from real people? .
I'm looking for a very short term loan in the amt ...
By: Treise | 24-05-2008
I'm looking for a very short term loan in the amt. of $1,500 for moving on 31 May. I would be repaying the loan on 3 Jun. I am limited on time due to the 30 day notice I gave at the begining of this month and cannot change or cancel. Any leads out there?
Flight School Might Be Going Out Of Business What Happens To My Sallie Mae Loaned Money?
By: po5423 | 21-05-2008
I enrolled in a Flight School last year and took out a 25k loan to cover my tuition. Sallie Mae disbursed the money directly to the school within a week. After several weeks of delays in getting of the ground because of planes and instructor shortages I realized that I wanted to withdraw from this particular flight school and go elsewhere so I asked to have my loaned money returned to Sallie Mae. After several months of contacting the school and Sallie Mae, Better Business Bureau, Attorneys Generals Office I have not yet have the money returned to Sallie Mae and continue making payments. Looks like the school might be going out of business since I cant get a hold of anyone there and no one ever returns my phone calls.Anyone out there please let me know what are if any measures can be taken to get the money back or if Sallie Mae will go after myself or the school if I default on the Loan since I dont want to make a 25k donation to school owners vacation fund. Thank you for responses.
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